Free Press Journal

Tata Steel posts Rs 14,688-cr net on one-off gain


New Delhi : Tata Steel on Wednesday reported a consolidated net profit of Rs 14,688.02 crore for the fourth quarter ended March 31, 2018, helped by a one-off pension gain as against a net loss of Rs 1,168.02 crore a year earlier.

The country’s largest steelmaker on Wednesday reported an exceptional gain of Rs 11,376 crore in the quarter that included a non-cash gain of Rs 14,077 crore relating to the restructuring of its UK pension scheme, the company said.

The total consolidated income of the company increased to Rs 36,407.19 crore in January-March 2018, from Rs 35,457.06 crore in the same quarter of FY17.

The total expenses stood at Rs 32,626.42 crore during the quarter as against Rs 31,132.02 crore in the year-ago period.

T V Narendran, CEO & MD of the company, said: “Tata Steel performance has been robust in FY18 driven by the company’s strong execution strategy and supported by favourable global demand-supply balance. During the year, the Indian operations delivered volume growth better than the market on the back of the ramp-up at our Kalinganagar plant and the strength of our marketing network and brand equity”.

He said growth was broad-based across marketing segments and added that Tata Steel Europe had a good quarter despite currency headwinds.

“The 50:50 JV discussion with Thyssenkrupp is progressing well and we are committed towards building a strong European portfolio,” Narendran said.

He added that the company continues to execute its strategy of expanding footprint in India.

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